Palmcash loan app: interest rate, is it legit - Startuppreneur

Palmcash loan app: interest rate, is it legit

Palm cash loan app will give you instant loan without collateral or paper work, you can obtain this loan with your phone so you don’t need to visit any location.

Their loan processing is easy and fast within one hour of submitting application, your loan will be disburse. With this loan app you can obtain up to #100,000 loan at a go.


Requirement to obtain palm cash loan app

To obtain loan form this app you need to meet up with their requirements, which are

Have bvn and bank account

Have good credit score


Have regular source of income

Have smart phone with which to download the app

Be above 18 years of age

Once you meet up with this requirements you can proceed to apply for the loan

How to apply for palmcash loan app

The first step to take is to head over to play store and download the loan app

Register with your name, bvn and other details
You will be ask to bind your ATM card which might attract #30 fee, do so and proceed

Once you are done with registration you will be login to your account


On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much to obtain form palmcash loan app

Palm cash loan app is still new, the maximum loan you can obtain from this loan app is #100,000.

If you are applying for the first time your eligible loan will not be up to this but as you continue to use the app your eligible loan will increase.

Palm Cash loan interest rate and repayment period

Their interest rate is between 5% to 10% per month, this depend on the amount of loan secure and the repayment period. The repayment period is between 7 days to 90 days also depend on the amount of loan secure.

If you are applying for the first time your loan interest rate will be short and the repayment will be short. As you continue to use the app this will improve.

Paying black your palm cash loan

To payback your loan head over to your dashboard

Click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does not you should contact them.

What will happen if I default or refuse to pay back

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Is palm cash loan app legit

Yes palmcash loan app is legit, if it is to give loan, they will surely give you loan, but they are not approved by CBN.

Our final verdict on palm cash loan app

Palm cash loan app is legit, they will surely give you loan. They have given loan to many people in Nigeria, their loan processing is fast and they don’t charge loan processing fee.

The only problem is that they are not license by CBN. Exercise caution when dealing with this loan app. Only take loan that you can pay back.


Above is how to who to apply for palm cash loan app. As stated above they will surely give you loan but that doesn’t mean you should obtain loan that is more than your capability.

Try to avoid embarrassment and had I know.

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